Export obligation removed by notification, customs duty demand invalidated; penalties under s.112 and s.114AA quashed due to inadmissible s.108 statem...
Customs officers must wear and use department-issued body-worn cameras when clearing passenger baggage, with daily secure transfer and 30-day retentio...
ITAT allowed the appeal, set aside the PCIT's revisionary order under s.263 and upheld the AO's assessment. The Tribunal held excess cash and stock revealed in survey were properly treated as business income after the assessee answered specific inquiries and the AO conducted an inquiry; invocation of s.115BBE was not mandatory. Because the AO took a plausible view, the requisite twin conditions for exercise of s.263-(i) that the assessment order is erroneous, and (ii) that it is prejudicial to Revenue-were not satisfied. Applying the principle that where two views are possible the one favourable to the assessee prevails, the PCIT's revision was quashed.
ITAT allowed the appeal, set aside the PCIT's revisionary order under s.263 and upheld the AO's assessment. The Tribunal held excess cash and stock revealed in survey were properly treated as business income after the assessee answered specific inquiries and the AO conducted an inquiry; invocation of s.115BBE was not mandatory. Because the AO took a plausible view, the requisite twin conditions for exercise of s.263-(i) that the assessment order is erroneous, and (ii) that it is prejudicial to Revenue-were not satisfied. Applying the principle that where two views are possible the one favourable to the assessee prevails, the PCIT's revision was quashed.
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